Word: mergers
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Dates: during 1960-1969
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...make three in this case-they may well add up to ten." So says G. Robert Henry, 51, president of Pacific Air Lines. Henry's arithmetic stems from the profits he anticipates from a merger of Pacific and two other regional, or feeder, airlines: Phoenix's Bonanza and Seattle's West Coast. The system, after approval by stockholders and the CAB, will cover eight Western states...
...food processor and distributor, hopes to double its sales to $2 billion by 1975, is hungry for acquisitions to help it reach that goal. The latest possibility: New York-based Chock Full O'Nuts, a coffee-processing and luncheonette-chain operation (1966 sales: $48 million), which is holding merger talks with Consolidated. - Control Data Corp., a leading manufacturer of computer hardware, agreed to take over a well-matched mate: C-E-I-R Inc., a $22 million-a-year, Washington-based computer software outfit that provides data-processing services. Like much of the computer industry, both Control Data...
Among last week's events on the merger-go-round...
...International Telephone & Telegraph has encountered stiff Justice Department opposition to its proposed merger with American Broadcasting Co. But that has failed to dampen ITT's ardor for picking up other corporations. Its latest morsel: Rayonier Inc., a $171 million-a-year manufacturer of pulp products. The communications giant also has a line out in hopes of acquiring Western Power & Gas Co., a public utility operating in 13 states from the Rocky Mountains to the Atlantic. - General Telephone & Electronics Corp., the nation's largest independent telephone system, stood to get even larger by agreeing to a $145 million stock...
Allis-Chalmers, for its part, thought it might teach Ling a thing or two. Within 48 hours, its board replied with a blunt rejection of the L-T-V offer, announced that "shareholders will be far better served" by a possible merger in the works with General Dynamics. Ling, back in Dallas by now, was unfazed. He merely uncorked "Plan B"-a new offer to buy all of the stock for a mix of cash plus two classes of L-T-V shares worth, by LTV's estimate, around $55 per share of Allis-Chalmers' common. Moreover...